Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of reconciliation income tax allowance and the amount resulting from the application of the combined Canadian income tax rate


		Year ended December 31, 2025				Six month fiscal period ended December 31, 2024				Year ended June 30, 2024
Net (loss) income before income taxes		$	(51,488	)		$	(30,492	)		$	131,671
Statutory tax rate			27.00	%			27.00	%			27.00	%
Income tax recovery at the statutory rate		$	(13,902	)		$	(8,233	)		$	35,551
Non-deductible items and other differences			1,361				489				(41	)
Foreign exchange			(1,637	)			1,535				(1,131	)
Differences in tax rates			169				(138	)			(7,037	)
Change in unrecognized tax benefits			10,919				5,366				(1,472	)
Deferred income tax (benefit) expense		$	(3,090	)		$	(981	)		$	25,870

Schedule of significant components of the deferred tax assets and liabilities


		Year ended December 31, 2025				Six month fiscal period ended December 31, 2024				Year ended June 30, 2024
Non-capital loss carry forwards		$	42,649			$	22,220			$	20,131
Investment in Smackover Lithium			(50,717	)			(37,625	)			(38,387	)
Exploration and evaluation assets			5,506				5,506				—
Capital assets			12,134				7,245				7,468
Research and development tax credits			1,777				2,217				2,147
Share issuance costs			2,333				674				879
Lease liability			66				125				189
Mineral property interests			(972	)			(1,595	)			35
Deferred tax assets (liabilities)			12,776				(1,233	)			(7,538	)
Unrecognized deferred tax assets			(34,575	)			(23,656	)			(18,332	)
Net deferred income tax liabilities		$	(21,799	)		$	(24,889	)		$	(25,870	)